Dr. Oetker to Buy Wilton Brands From TowerBrook Capital
September 10 2018 - 1:25PM
Dow Jones News
By Colin Kellaher
Private-equity firm TowerBrook Capital Partners L.P. on Monday
said it agreed to sell bakeware and cake-decorating products maker
Wilton Brands to Germany's Dr. August Oetker KG for an undisclosed
amount.
TowerBrook and a unit of Deutsche Bank AG (DB) acquired majority
control of Wilton in 2009 after filing an involuntary chapter 11
bankruptcy petition against the company, which was then owned by
private-equity firm GTCR Golder Rauner LLC.
TowerBrook and Deutsche Bank, which claimed they were owed
$104.3 million each, withdrew the petition as part of a financial
restructuring that left them in control of Wilton, with GTCR
holding a minority stake.
Oetker, based in Bielefeld, Germany, has more than 26,000
employees and annual revenue of about 6.2 billion euros ($7.2
billion). The company is known for its baking products and frozen
pizza.
TowerBrook said Wilton will remain based in Naperville, Ill.,
with Chief Executive Sue Buchta staying at the helm.
The firm said it expects to complete the sale by the end of the
year.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
September 10, 2018 13:10 ET (17:10 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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